SOURCE: Industrial Info Resources

June 27, 2008 06:01 ET

China's CNPC and Russia's Rosneft to Build Refinery in China, an Industrial Info News Alert

BEIJING--(Marketwire - June 27, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- China National Petroleum Corporation (CNPC) (Beijing, China) and Russia's national oil company, Rosneft (Moscow), have agreed to invest $4 billion to build a joint venture oil-refining company in China with an annual capacity of 10 million tons. Currently, both oil giants in China, CNPC and China Petroleum and Chemical Corporation (NYSE:SNP) (Sinopec) (Beijing, China), are trying to strengthen some of their perceived weaknesses. CNPC is working on strengthening its refining operations and Sinopec is trying to expand its upstream oil exploration capability.

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